In a promising development for the cryptocurrency market, several applications for Solana (SOL) exchange-traded funds (ETFs) featuring staking could see approval from U.S. regulators within the next two weeks. This projection comes from ETF analyst Nate Geraci, who shared this insight following the recent submission of regulatory filings.
Geraci, president of NovaDius Wealth Management, expressed confidence in a post on social media platform X, stating, “Guessing these are approved [within the] next two weeks.” His predictions are anchored in the recent activity surrounding the U.S. Securities and Exchange Commission (SEC), which received amended S-1 documents from a notable roster of asset managers, including Franklin Templeton, Fidelity Investments, CoinShares, Bitwise Asset Management, Grayscale Investments, VanEck, and Canary Capital.
These S-1 forms provide a detailed profile of the financial and operational aspects of the funds being proposed, including their risk assessments and intended securities offerings. The wave of submissions highlights a growing interest in Solana-focused investment vehicles, capitalizing on the asset’s potential in the crypto ecosystem.
The anticipation surrounding Solana ETFs follows the successful launch of the first Solana staking ETF, which hit the market just over two months ago. The REX-Osprey Solana Staking ETF, introduced on the Cboe BZX Exchange, recorded impressive trading figures, achieving $33 million in trading volume and $12 million in inflows on its inaugural day. This strong debut has set a precedent for subsequent offerings in the Solana domain.
Market analysts are taking note of Solana’s position, with Pantera Capital categorizing SOL as “next in line for its institutional moment.” This perspective underscores the asset’s relative under-allocation compared to established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), hinting at its potential for future growth.
As October progresses, observers in the crypto sector are preparing for what could be a pivotal month, not only for Solana but for the broader market. Geraci emphasized the importance of this period by referencing the recent filing of the first Hyperliquid ETF and the SEC’s approval of general listing standards for crypto ETFs. He urged market participants to “Get ready for October,” suggesting it may usher in significant developments.
Additionally, Hunter Horsley, chief investment officer at Bitwise Invest, noted in a recent post that Bitwise’s Solana staking exchange-traded product (ETP) in Europe experienced a remarkable $60 million in inflows over the previous five trading days. “Solana on people’s minds,” he remarked, signifying a sustained interest in this cryptocurrency.
However, some analysts, including those from Bitfinex, indicate that while altcoins may gain traction, a widespread rally may remain on hold until the approval of additional crypto ETFs that introduce investors to lower-risk exposure options.
The integration of staking into these ETF applications also signals a potentially favorable condition for future Ether ETFs. Geraci pointed out that this focus on staking could bode well for the establishment of spot Ether ETF staking, with several industry advocates echoing this sentiment. Notably, Markus Thielen, head of research at 10x Research, asserted that Ethereum ETF staking could significantly impact market dynamics, enhancing yield opportunities.
While U.S. ETF issuers await the SEC’s decision on allowing Ether ETFs to feature staking—following numerous requests submitted earlier this year—the landscape for cryptocurrency investment continues to evolve rapidly.
